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Market Update

January Showers brought more than Flowers!

January brought us some rain and some new listings here in the Valley of the Sun! Sellers, we could use more!  Buyers, be sure to keep in touch.  We have been getting really good at matching buyers and sellers off of the MLS lately.  Some have been cash sales with lease back situations for the Seller and Buyers have been thrilled to secure a great home without having to put up a fight.

Catch the latest REAL Podcast Phoenix area Real Estate Update on our You Tube Channel.

We haven’t seen this yet in AZ Real Estate

2020 was a record year.  Record lows in inventory and mortgage interest rates made for ripe buying conditions and the buyers bought…in droves.

Never have I ever, in 15 years of real estate in the Phoenix AZ market, ever seen our inventory levels this low.

There is literally one months worth of inventory.  That means that, if no new listings came onto the market, we’d have zero homes for sale in this big city in one month’s time.  That’s crazy talk!  It’s an exciting time for sellers and for buyers.  The rush of winning the bid in a bidding war is one of the most exciting times I’ve experienced in all my years in this business.

To our amazing buyers that are currently with us in the trenches, wait for it.  A little time and patience is all we need coupled with the tricks up our sleeve.  Now is the time before the interest rates change and it’s more expensive to buy.

To our spectacular sellers that are working with us preparing to sell, buckle up, you’re in the drivers seat.  In a time when you can have the pick of the litter, there are many things you still need in place to not only protect your investment but your sanity as well.

We will aptly deliver, as always.

The Housing Hustle and Bustle in Phoenix AZ

This time of year we’re usually dealing with the hustle and bustle of the holidays but the housing market might be the bigger news this year.  The inventory levels are still hovering around 1 month and have held steady all through the fall which has felt more like a spring market to us than a fall market.  There are still multiple offers on many properties and the $200-$400k price range is still by far the most popular with considerably more showings than any other price range.  Distressed sale activity remains very low (foreclosures and short sales) and they make up 0.04% of total sales just like the month before.  Meanwhile, rental rates are through the roof, the interest rates are crazy low and we are staying home more than ever these days so buying right now just makes a lot of sense for many people.
 
Search local deals on our Maricopa County Deal Page: https://katielambert.exprealty.com/ask/da5773dd141a66efd862187a6ff5dce2
 

The Upcoming Holidays and Phoenix Real Estate

Yes, the holidays are coming up and, yes, you should sell your home if you have been thinking about it.  Rates are still very low and inventory is low too but it is creeping up and we have noticed fewer offers on listings here and there.  We don’t see the holiday season having much of a negative impact on home sales as we head into the end of the year.  Now is really the perfect time to list.  Many buyers wish to be settled before the holidays begin.

Find out your home’s value here: https://www.teamevoaz.com/sell.php

Rates are still Low and Inventory is slowly Climbing

Yep, the mortgage rates are still lower than any of us have seen in 50 years… this is huge.  If you haven’t bought something yet, do it before this changes.  Seriously… even if prices dropped (which isn’t likely from what we are seeing) but rates increased, you may be paying more than you would if you took the plunge today.  See this interesting graphic:

Here we are just a small amount up in inventory from last month.  Hey…we’ll take it!!  It was getting crazy out there…maybe the property fights will die down a little!  LOL